Brazil Weather And US Planting Are Drivers This Week

May and July futures both broke the psychological 800 barrier today. This is the best close for nearby corn futures since August 22, 2012. The best close for the nearby contract in 2012 was 831. In 2012 the September contract posted an 843 1/4 peak. December corn contract posted an 849 peak in that year. The trade is now putting Brazil on the bull side of the ledger. It is also now considering a small yield hit due to US planting.

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